David Jones Approach Brings Cheer to Aussie Retailers

Christmas may have come early for Australia’s discretionary retailers, thanks to a long-anticipated takeover approach for upmarket department store chain David Jones.

Apart from sending the target’s shares up 16% it also helped Myer, JB Hi-Fi and Harvey Norman shares jump 2-5% in early trade.

Investors shouldn’t be getting too excited though: details of the offer are scant. All they know is that a “non-incorporated” entity from the U.K. has written an “unsolicited” letter to the company expressing an interest in making a mystery-sized bid.